<p>A lot has been written about investors buying up rental houses in Southwest Florida over the past year, but investors who specialize in buying condominiums have gotten little ink.</p><p>Pelican Investment Properties LLC, a Sarasota company managed by Shelley L. Farr, is a member of that breed.</p><p>After spending $326,000 to buy three rental houses, Pelican Investments parted with $1.1 million to buy 14 condos. Eleven of them are in the Village at Town Park development in Lakewood Ranch.</p><p>In one case, Farr's company bought a 1,048-square-foot unit at 7405 Vista Way in the Village at Town Park for $42,000, or 82 percent less than the $235,900 the previous owner paid in October 2005.</p><p>Other discounts on condos purchased by Pelican Investment Properties ranged from 68 percent to 80 percent off their boomtime values.</p><p>Here are some of Farr's purchases and biggest discounts, all in the Village at Town Park:</p><p><pbs:dingbats char="n">8827 Manor Loop, Unit 106, a 732-square-foot condo built in 2001. It was bought in October 2012 for $42,500. The seller had bought it in October 2005 for $194,900. Discount: 78 percent.</p><p><pbs:dingbats char="n">7424 Vista Way, Unit 207, a 752-square-foot condo built in 2001. It was bought in April 2011 for $43,500. The seller had bought it in March 2006 for $212,900. Discount: 78 percent.</p><p><pbs:dingbats char="n">7405 Vista Way, Unit 103, a 732-square-foot condo built in 2001. It was bought in November 2011 for $47,000. The seller had bought it in November 2005 for $212,900. Discount: 80 percent.</p><p><pbs:dingbats char="n">7405 Vista Way, Unit 104, a 1,048-square-foot condo built in 2001. It was bought in December 2011 for $42,000. The seller had bought it in October 2005 for $235,900. Discount: 82 percent.</p>